The Empirical Analysis On Shareholding Structure And Corporate Governance Of Hunan Listed Company

Ownership structure of corporate governance is a foundation and an important factor. Different arrangements will affect the ownership structure of shareholders to control and monitor management's ability and motivation, thereby affecting management decision-making behavior, and ultimately affect the company's performance and the company's market value. Therefore, only a reasonable share structure can develop a sound corporate governance structure, in order to ensure that the company achieved good results.This article listed in Shanghai and Shenzhen, Hunan selected 20 companies for the study sample, to 2003 to 2008, for the time span to do empirical analysis. The first use of principal component analysis of listed companies solvency, profitability, growth capacity and asset management capabilities in four areas of the 11 financial indicators commonly deal with, come to measure the performance of corporate governance variables F. Then, on this basis, a fixed effects model to the equity method of data with the principal components derived from corporate performance variables F regression analysis to a conclusion.Empirical analysis conclusions as followings:Operating Performance is negatively related to the scale of state-owned stocks of Hunan listed corporate; the ration of legal shareholder take on moral "U" relationship with the corporate performance that the minimizing fraction being 27.45%;the proportion of outstanding shares between the company's performance, being an inverted U-type curve relations, corporate governance performance is the size of the outstanding shares of holding up to 77.19% generated the maximum; The largest proportion of shareholding and corporate governance performance, a negative correlation, but the top five shareholders equity ratio, the proportion of the top five shareholders hold the square and corporate governance performance was a significant positive correlation, while Z values the coefficient is positive, but the does not have a significant, there is no linear relationship and there is no significant relationship between quadratic function obtained an appropriate degree of equity concentration are conducive to improve corporate performance; The scale of the company's assets and corporate governance performance have significant positive correlation with the size of listed companies, scale merit performed well, at the same time, Do not managing with loan because of asset-liability ratio and corporate governance performance has a significant negative correlation.